I-bank Wolet files $800k suit over Flipkart’s Upstream Buy

BENGALURU: Wolet Capital Corp, an investment bank that specialises in US-India cross-border deals, has sued Flipkart and its owner Walmart, alleging that they failed to pay it for advisory services related to the acquisition of Upstream Commerce. Flipkart bought the Israeli startup for an undisclosed sum in September and said Avendus Capital was the financial advisor to Upstream.

It did not mention Wolet Capital. Upstream, which offers real-time pricing to sellers to help them offer better prices for products, was Flipkart’s first acquisition after Walmart bought majority control in the Indian ecommerce company for $16 billion. Wolet Capital has alleged breach of contract, unjust enrichment and other claims and has sought $800,000 in damages and costs.